One can still probably get a deal on a house that needs work, BUT since we're in kind of a bubble, if it crashes hard you might not feel great. It'd still be better than buying a house with no work needed when the bubble bursts though.
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One can still probably get a deal on a house that needs work, BUT since we're in kind of a bubble, if it crashes hard you might not feel great. It'd still be better than buying a house with no work needed when the bubble bursts though.
The Denver market is going up on average 1% or more per month. With an average selling price in the Metro area just passing $500,000 earlier this year the average home is going up $5,000 per month or $60,000 per year. Homes are in short supply with the lowest inventories ever. I did have to laugh when a friend referred to a $500,000 as a starter home!
The good news is that for those of us that own property and are fed up with the political environment we can leave town with a nice chunk of change with the sale of our home.
My question is... how long can it last, or is likely to last?
And how in the heck can anyone consider 500k viable? What on earth are people doing to afford such a mortgage, and why on earth do they stay in such an area?
We're looking to move to Tulsa area in a year or less and the market is much more affordable there with not much of a pay cut in my field -- depending on everything, it might be a "cut" but really the same net or even more after the bills are paid each month.
Reminds of 2005-6.
I was a kid during early 90s and I remember housing slowdown.
I bought my house to hedge against rising rent and housing inflation. Not making any money here by price increase.
I actually think it will last longer than most. The economy in CO is strong, we have a large influx of people every year, and it's going to continue to be busy.Quote:
Originally Posted by CavSct1983
My brother is in the price range you're talking about. He's a principal software engineer for a technology company here in CO, and his bank is telling him he can be approved for a lot more than he's willing to spend. He, however, is not looking at subdivision houses for $500k. He's looking for minimum 2 acres, and a house. He wants to stay here for a list of reason, much the same as mine.
Family/Friends
Current Job
Activities - we're spoiled with Ski/Snowboard country (others here too, but that's the big one that is geography based)
For me, I've been all over the country and world, and I haven't found a better place to live yet (current political climate, and likely worsening climate, not withstanding).
Why worry about mortgages? Just pay cash. Both of the sales described in the original post were cash offers.
I'd love to sell and relocate to a cheaper area, but there's the problem of two people in their 60's getting new jobs, and also having to go through all the shit we've accumulated.....
I think if we didn't have a grandson here, we'd be gone.
I can work anywhere within an hour of a reasonable size airport, and the wife is a nurse.
However, I'm also spoiled by my current commute. For a local project that should go on the next 3-6 months, it's a couple days a week 20 minutes each way opposite traffic, turning more remote every day now that I have provisional clearance, credentials, laptop, security card, etc., or driving to DIA for the other odd job and that's 30 minutes to security and blasting through with Pre unless it's super busy.
We're kind of in the same boat. Been downsizing 25 yrs (from this house) of stuff. The next place is a ranch style, open floor plan. Jobs not an issue, we're both retired so that's not a must have item.Quote:
Originally Posted by rondog
The issue is there's so much heavy stuff in the shop, it's easier to sell it all off, then buy as needed in the next home
With the deals we see popping up OOS it's down to, someone buy this so we can leave.. like yesterday. Been putting the word out, the house will be up for sale. We have lic realtor who will do the paperwork for a flat fee, IMO there's no reason to get another involved, especially for what they want in commission.
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